Q2 M&A REPORT Q2 2024

For Institutional Use Only

Q2 2024
M&A Insider Report

Defense, Government & Intelligence Physical & Cyber Security Critical Infrastructure Maritime Transport & Facilities

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2024McLean
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Group. All rights reserved. The McLean Group | 8260 Greensboro Drive | Suite 350 | McLean, VA 22102 | (703) 827-0200 | www.mcleanllc.com
Securities transactions
Premier middle market conducted throughbank
investment McLean Securities, member FINRA/SIPC
TMG OVERVIEW QUARTERLY UPDATE Q2 2024

FIRM OVERVIEW INDUSTRY FOCUSED M&A

• Founded in 1997 and Government Services Physical & Cyber Security

• Government Services and Products • Physical Security Services
headquartered in Northern VA;
• Federal Civilian Services • Integrators
25-year history of transaction • State and Local Government • Cyber Security
success
Critical Infrastructure Maritime
• Comprised of 50+ financial • Vessels
• Water & Wastewater
professionals across five offices • Energy Infrastructure • Tier Two & Three Services
• Critical Communications • Ports & Facilities

• Team includes career

investment bankers, CPAs,
certified business valuation
professionals and former
industry executives

CORE BUSINESS 360 FINANCIAL COVERAGE

Investment Banking • Sell-Side M&A 140+ > 400

Strategic Advisory Services
• Buy-Side M&A Closed Transactions Since Annual Valuation Clients
• Debt / Equity Placements 2010
• Employee Stock Ownership Plans
• Leveraged Transactions
• Other Advisory Services
> 25 yrs. 50+
Track Record of Success Financial Professionals

Business Valuation • “Fair Value” Financial Reporting

Valuations and Opinions • Equity Incentive Plans

>90% > $8B

• Fairness Opinions
• PEG Portfolio Valuations
• ESOP Transactions
• Estate and Gift Portion of Deals that are Total Transaction Value
Sell-Side M&A Since 2010

The McLean Group

Premier middle market investment bank 2
Q2 M&A REPORT QUARTERLY UPDATE Q2 2024

Major News Stories

China’s Inflation Remains Low
─ China’s consumer price index rose for the fourth consecutive month in May and is up 0.3% year over year, matching
Wall Street expectations.
─ The country’s tame inflation numbers indicate that deflationary pressure has not yet faded, and, as Beijing directs
resources back to manufacturing to mitigate the effects of the recent real estate collapse, officials risk dropping prices
further.

Courts Freeze Biden’s SAVE Plan

─ On June 24th, federal judges ruled to temporarily pause the implementation of the Saving on a Valuable Education
(SAVE) plan. The plan would have provided loan payment savings starting July 1st to millions of borrowers.
─ These borrowers will no longer receive their anticipated payment relief, and many others will lose eligibility for debt
cancellation, which was set to be carried out in waves beginning later this year.
─ In response, the Biden administration is moving forward with a separate plan totaling $145 billion in loan forgiveness.

U.S. Unemployment to Rise as Vacancies Subside & Unemployment Benefits Claims Rise
─ The unemployment rate has remained at or under 4.0% since January 2022 as companies have shifted away from laying
off employees towards filling job vacancies.
─ Job openings, however, are limited. Economic analysis shows that unemployment is likely to increase significantly when
the job vacancy rate falls below 4.5%. As of April 2024, the rate was 4.8%, down from 7.4% in March 2022. Employment
has also slowed down, evidenced by the recent increase in claims for unemployment benefits.

Financial Accounting Standards Board Changes Public Company Financial Reporting Requirements
─ The Financial Accounting Standards Board (FASB) will require U.S. public companies to break out specific financial
statement line items, such as inventory purchases and employee compensation, in future filings.
─ The new mandates will go into effect for most companies in 2027 and 2028 for annual and quarterly reports,
respectively. However, some companies will likely continue to push back as they believe the costs of implementing and
complying with new regulations outweigh the benefits to investors of the more detailed disclosures.

Sources: Wall Street Journal, US Federal Reserve,

Financial Times, CNBC

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Q2 M&A REPORT DEFENSE, GOVERNMENT & INTELLIGENCE Q2 2024

─ At the end of June, the Supreme Court overturned the “Chevron TRANSACTIONS BY MONTH
deference” precedent, which granted federal government Q3 2023 Q4 2023 Q1 2024 Q2 2024
37 50 54 52
agencies extensive liberty to interpret vague laws without being
subject to judicial review. The ruling could affect a variety of 23
21
federal government agencies and initiatives, from EPA emissions 18 18 19
17 16
regulations to the administration of Medicare and Medicaid 14 15
13
insurance plans. The ruling will also prompt a wave of new legal 11
challenges, according to experts, which now have a greater 8
chance of success without Chevron. However, these lawsuits
must first work their way through the court system, and experts
do not expect any changes in the near term.

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On June 1st, U.S. Secretary of Defense Lloyd Austin revealed at

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the Shangri-La defense forum in Singapore that he met with EBITDA VALUATION MULTIPLES 1
Chinese Defense Minister Dong Jun the day before. This was the
2
first meeting between top U.S. and Chinese defense officials since 26.6x 26.5x
former House Speaker Pelosi visited Taiwan in 2022, outraging
the Chinese Communist Party. China has continued to assert its 19.5x
claims on the South China Sea, leading to a direct confrontation 16.6x
15.3x 14.7x
with the Philippines in March of this year. During the incident, a 13.6x 12.7x 13.7x
Chinese coast guard vessel rammed a Philippine coast guard ship,
injuring four of the crew and causing minor hull damage. The
president of the Philippines said that if a Filipino sailor were to
die in such an incident, he could consider it an act of war – the
Philippines is a U.S. treaty ally, and the U.S. would be obligated to
Defense Primes Government Contractors Defense Systems
defend the Philippines if the country went to war against China.
LTM 2024E 2025P

Sources: AP News, The New York Times

1. For composition of indices, see page 24
2. MRCY was excluded from this calculation
The McLean Group
Premier middle market investment bank 4
Q2 M&A REPORT SELECT Q2 TRANSACTIONS
Transaction Details
Cobham Aerospace is a leading
supplier of cutting-edge
acquired by technologies enabling flexible,
integrated and more-
autonomous avionics systems to
make aviation safer, greener, and
more efficient. The integration
of Cobham Aerospace
Date: 04/08/2024 Communications will strengthen
Thales’s avionics portfolio,
EV: $1,100M
addressing the major trend
EV/EBITDA: ND towards connected cockpits.
Transaction Details
Cognosante provides digital
transformation and cloud
modernization solutions for
acquired by
federal health, defense,
intelligence, and civilian
agencies. Cognosante’s federal
government clients run
healthcare programs that
Date: 05/20/2024 support veterans and active-
duty military. The Company’s
EV: ND
1,500+ employees will be added
EV/EBITDA: ND to Accenture Federal Services’
team of over 14,000.
The McLean Group
Premier middle market investment bank
Transaction Details
EWA is a prominent player in the
field of Electronic Warfare
acquired by
(“EW”). With over 47 years of
experience in developing and
a portfolio delivering EW capabilities, EWA
company of provides a comprehensive
understanding of evolving
threats across the
Date: 04/22/2024 electromagnetic spectrum. The
acquisition of EWA will enhance
EV: ND
Sigma Defense’s ability to deliver
EV/EBITDA: ND on the CJADC2 vision of “sense,
make sense and act” delivering
new capabilities to joint and
coalition forces.
Transaction Details
PAR Government Systems
Corporation (PGSC), a subsidiary
a subsidiary of
of PAR Technology Corporation
(NYSE: PAR), delivers edge
technologies related to
acquired by warfighter communication and
situational awareness to DoD
clients. PGSC will augment Booz
Date: 06/07/2024 Allen’s existing expertise in the
defense market with new
EV: ND
technologies, allowing the
EV/EBITDA: ND acquirer to provide more
comprehensive solutions to its
clients.
Q2 2024
Transaction Details
Quintron Systems (“Quintron”)
acquired by provides secure communications
technology solutions to the space
and defense markets. The
a portfolio
company of
Company provides advanced
Voice-over-IP communications
technology in support of space
launch operations to customers
Date: 05/07/2024 like NASA. The add-on expands
the capabilities of SAS, a
EV: ND
Godspeed capital platform, which
EV/EBITDA: ND now include space engineering,
defense, and communications
technology solutions.
Transaction Details
Clango provides identity security
acquired by solutions, with a focus on
privileged access management.
The merger of the two
a portfolio companies creates one of the
company of largest full-service identity and
access management businesses
currently in the market. The new
Date: 06/17/2024 entity will leverage its wide
range of capabilities to offer
EV: ND
comprehensive solutions
EV/EBITDA: ND required by more complex
projects.
Sources: S&P Capital IQ, DACIS, GovConWire
5
Q2 M&A REPORT NOTABLE CONTRACT AWARDS Q2 2024

Contract
Award Date End Date Customer Awardee(s) Type Contract Scope
Value ($M)

U.S. Department of Energy,

National Nuclear Security Manage and operate the Pantex Plant, which
$30,104 06/13/2024 11/14/2044 BWX Technologies et al. Cost Plus Award Fee
assembles and disassembles nuclear weapons
Administration

U.S. Air Force Develop and produce of the SAOC Weapon

$13,100 04/26/2024 07/10/2036 Sierra Nevada Corp. Cost Plus Fixed Fee
System

U.S. Air Force Supply JDAM tail kits, spares, repairs, technical
$7,480 05/24/2024 02/29/2030 Boeing IDIQ
and sensor kits

Provide sustainment services and future

$7,000 05/03/2024 05/03/2029 U.S. Air Force Northrop Grumman IDIQ
upgrades to the B-2 weapon system

Blue Origin, SpaceX, United Provide launch services that deliver National
$5,600 06/13/2024 06/30/2029 U.S. Air Force Launch Alliance (Boeing and Mixed Security Space (NSS) payloads into orbit
Lockheed Martin)

U.S. Army Develop a Phased Array Tracking Radar to

$5,278 06/28/2024 06/30/2027 Lockheed Martin Firm Fixed Price
Intercept Advanced Capability-3

MDA Deliver updates and new capabilities to the

$4,100 04/12/2024 04/30/2029 Lockheed Martin Cost Plus Fixed Fee
C2BMC System

$1,564 06/27/2024 12/31/2024 U.S. Navy Lockheed Martin Mixed Provide F-35 training and sustainment services

$1,128 06/12/2024 06/13/2029 U.S. Army General Electric Firm Fixed Price Produce and deliver T700 series turbine engines

Sources: DACIS, Clearance Jobs, GOVConWire,

U.S. Department of Defense

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Premier middle market investment bank 6
Q2 M&A REPORT TMG CUSTOM INDICES Q2 2024

TRAILING TWELVE MONTHS (TTM) PUBLIC EQUITY INDEX CHART 1

50%

40% 40.6%

30%

22.6%
20%

10% 9.0%
6.0%
0%

-10%

-20%
Jul-23 Aug-23 Sep-23 Oct-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Defense Primes Gov’t Contractors Defense Systems S&P 500
Market Commentary

─ The S&P 500 continued to perform well through June but was top-heavy – NVIDIA alone added $1.0T of market cap in Q2, breaking the
$3.0T mark and remaining there through the end of June.
─ The TMG Government Contractors index performed strongly over the trailing twelve months and rose sharply towards the beginning of Q2
2024 as tensions in the Middle East rose, with Israel executing a drone strike on the Iranian embassy in Syria and facing off against Hezbollah
along its northern border. Parsons, up 65.97% year-over-year, and Leidos, up 64.96%, led the index.

─ Kratos and HEICO were the only companies in the Defense Systems index with positive returns over the last twelve months, up 43.67% and
27.14%, respectively. Likewise, BAE and General Dynamics led the Defense Primes index with 38.13% and 32.45% returns, respectively.

Sources: S&P Capital IQ, Bloomberg, Seeking

The McLean Group Alpha, TheStreet
Premier middle market investment bank 1. For composition of indices, see page 24 7
Q2 M&A REPORT MARKET VALUATIONS Q2 2024

LTM REVENUE VALUATION MULTIPLES

8.4x Median: 2.0x

Mean: 2.4x

3.7x
2.8x 2.7x 2.7x 2.4x 2.4x 2.1x 2.1x 2.0x 2.0x 1.9x 1.8x 1.7x 1.6x 1.6x 1.5x
1.1x
0.7x

HEI TDY LHX KTOS MRCY RTX Mean BAH GD NOC Median LMT BA. PSN CACI LDOS ESLT SAIC VVX

LTM EBITDA VALUATION MULTIPLES

41.0x Median: 16.0x

Mean: 18.6x
33.3x

19.2x 19.2x 19.1x 18.7x 18.6x 18.6x

16.6x 16.0x 15.4x 15.4x 15.4x 14.9x 13.7x 12.7x 12.7x
11.2x

KTOS HEI PSN BAH NOC GD Mean RTX ESLT Median CACI TDY LHX BA. LDOS SAIC LMT VVX

Sources: S&P Capital IQ, Bloomberg, Seeking Alpha

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Premier middle market investment bank 8
Q2 M&A REPORT PUBLICLY TRADED COMPANIES Q2 2024

DEFENSE GOVERNMENT & INTELLIGENCE

Stock Price Enterprise CY2024E 2025P TEV/2024E TEV/2025P
6/30/24 Value Revenue EBTIDA Margin Revenue EBITDA Margin Revenue EBITDA Revenue EBITDA
Defense Primes
RTX 100.39 173,551 78,905 12,703 16% 83,686 13,516 16% 2.20x 13.66x 2.07x 12.84x

Lockheed Martin 467.10 128,703 69,690 9,781 14% 72,264 10,150 14% 1.85x 13.16x 1.78x 12.68x

Northrop Grumman 435.95 79,266 41,099 5,637 14% 43,071 6,106 14% 1.93x 14.06x 1.84x 12.98x

General Dynamics 290.14 89,503 46,875 5,979 13% 48,795 6,489 13% 1.91x 14.97x 1.83x 13.79x

BAE Systems 16.68 53,634 35,527 4,713 13% 38,207 5,133 13% 1.51x 11.38x 1.40x 10.45x

L3Harris Technologies 224.58 55,893 21,203 3,887 18% 22,125 4,192 19% 2.64x 14.38x 2.53x 13.33x
Average $255.81 $96,759 $48,883 $7,117 15% $51,358 $7,598 15% 2.01x 13.60x 1.91x 12.68x

Gov’t Contractors
Leidos 145.88 24,321 15,956 1,680 11% 16,707 1,772 11% 1.52x 14.47x 1.46x 13.73x

Booz Allen Hamilton 153.90 22,998 10,604 1,165 11% 11,431 1,258 11% 2.17x 19.74x 2.01x 18.28x

CACI International 430.13 11,444 7,656 844 11% 8,097 904 11% 1.49x 13.57x 1.41x 12.67x

SAIC 117.55 8,160 7,440 690 9% 7,663 720 9% 1.10x 11.82x 1.06x 11.33x

Parsons Corporation 81.81 9,779 5,655 498 9% 5,905 538 9% 1.73x 19.62x 1.66x 18.18x

V2X 47.96 2,673 4,079 304 7% 4,272 328 8% 0.66x 8.81x 0.63x 8.16x
Average $162.87 $13,229 $8,565 $864 10% $9,012 $920 10% 1.44x 14.67x 1.37x 13.72x

Sources: S&P Capital IQ

$USD, Millions besides Stock Price

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Premier middle market investment bank 9
Q2 M&A REPORT PUBLICLY TRADED COMPANIES CONTD. Q2 2024

DEFENSE GOVERNMENT & INTELLIGENCE

Stock Price Enterprise CY2024E 2025P TEV/2024E TEV/2025P
6/30/24 Value Revenue EBTIDA Margin Revenue EBITDA Margin Revenue EBITDA Revenue EBITDA
Defense Systems
Teledyne Technologies 387.98 20,738 5,617 1,353 24% 5,920 1,471 25% 3.69x 15.33x 3.50x 14.10x

HEICO 223.61 29,720 3,975 1,039 26% 4,272 1,122 26% 7.48x 28.60x 6.96x 26.48x

Elbit Systems 176.38 9,231 6,463 617 10% 6,527 666 10% 1.43x 14.96x 1.41x 13.86x

Mercury Systems 26.99 2,160 855 48 6% 904 116 13% 2.52x 45.29x 2.39x 18.57x

Kratos Defense & Security 20.01 2,977 1,108 104 9% 1,236 122 10% 2.69x 28.55x 2.41x 24.32x
Average $166.99 $12,965 $3,604 $632 15% $3,772 $700 17% 3.56x 26.55x 3.33x 19.47x

Low $16.68 $2,160 $855 $48 6% $904 $116 8% 0.66x 8.81x 0.63x 8.16x

Mean $196.89 $42,632 $21,336 $3,003 13% $22,417 $3,212 14% 2.27x 17.79x 2.14x 15.04x

Median $153.90 $22,998 $7,656 $1,165 11% $8,097 $1,258 13% 1.91x 14.47x 1.83x 13.73x

High $467.10 $173,551 $78,905 $12,703 26% $83,686 $13,516 26% 7.48x 45.29x 6.96x 26.48x

Sources: S&P Capital IQ

$USD, Millions besides Stock Price

The McLean Group

Premier middle market investment bank 10
Q2 M&A REPORT RECENT M&A ACTIVITY Q2 2024

Closed EV EV /
Acquirer(s) Target(s) Target Description
Date ($M) Rev. EBITDA
Supplies flexible, integrated and more-
04/02/2024 Thales S.A. Cobham Aerospace SAS $1,100.00 NA NA
autonomous avionics systems
Spaceflight engineering and hardware
04/17/2024 Godspeed Capital Special Aerospace Services NA NA NA
Company offering full-cycle solutions
Produces and markets a variety of
04/19/2024 Arcline Investment Management Kaman $1,884.28 2.43x 17.14x
proprietary aircraft components
Develops and delivers electronic warfare
04/22/2024 Sigma Defense EWA NA NA NA
(EW) capabilities to defense customers
Manufacturer of critical components that
04/26/2024 Boeing St. Louis site of GKN Aerospace NA NA NA
support the U.S. government & allies
Innovative analytical solutions provider to the
04/30/2024 Special Aerospace Services Willbrook Solutions NA NA NA
MDA, DIA, NASA, and DoD
Provides secure communications technology
05/07/2024 Special Aerospace Services Quintron ND ND ND
solutions to the space and defense markets
Provides cloud modernization services to
05/20/2024 Accenture Federal Services Cognosante NA NA NA
government agencies
Provides system engineering and tech
05/27/2024 BCS Allegient Defense $12.50 NA NA
support solutions to the DoD
Delivers warfighter edge communication
06/07/2024 Booz Allen Hamilton PAR Government NA NA NA
technologies to DoD clients
Offers digital transformation solutions to IC
06/10/2024 VTG Clear Cloud NA NA NA
customers
Provides identity security solutions, with a
06/17/2024 Majorkey Clango focus on privileged access management NA NA NA

SPYROS Information & Technology Provides cyber operations services to DoD,

06/18/2024 Synergy ECP IC, and DoE clients NA NA NA
Consulting
Designs and manufactures counter
06/27/2024 DZYNE Technologies High Point Aerotechnologies NA NA NA
unmanned aerial systems technologies

Source(s): S&P CapIQ

* Announcement Date

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Premier middle market investment bank 11
Q2 M&A REPORT PHYSICAL & CYBER SECURITY Q2 2024

─ In a recent congressional hearing, insurers emphasized the need TRANSACTIONS BY MONTH

for flexibility in determining what should be covered under cyber Q3 2023 Q4 2023 Q1 2024 Q2 2024
31 26 27 42
policies. Industry experts explained that they are working to
18
comprehend the risks associated with cyberattacks. In recent
15
years, insurers have raised premiums and tightened underwriting 13
standards for cyber policies due to increased cyberattacks, 11 11 11
9 9 9
especially during the coronavirus pandemic. Insurers are 7 7
6
increasingly requiring organizations to meet cybersecurity
controls such as multifactor authentication and network
monitoring to qualify for coverage.

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─ Leaks from Chinese hacking firm iS00N are providing insight into

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Beijing’s strategy of turning to private firms for offensive cyber
operations. Chinese private intelligence companies offer the EBITDA VALUATION MULTIPLES1
ability to hire people quickly for emerging requirements, such as
32.3x
AI. Specifically, private companies can hire for unclassified jobs
without waiting on the type of security clearances the 27.4x
24.1x
government would require of its own employees.
20.5x

Select Q2 Transactions 16.4x

14.7x

Global Access 7.4x

Solutions 5.9x 5.5x
business of
acquired by*
acquired by2 acquired by*

acquired by a portfolio Security Services Security Solutions Cyber / Technology

company of Security
LTM 2024E 2025P

Sources: Strategic Market Research, S&P Capital

IQ, CyberSecurity Dive, Gartner, WSJ
1. For composition of indices, see page 24
The McLean Group 2. Announced 4/24/2024, completed 7/2/2024
Premier middle market investment bank * Announced 12
Q2 M&A REPORT PUBLICLY TRADED COMPANIES Q2 2024

PHYSICAL & CYBER SECURITY

Stock Price Enterprise CY2024E 2025P TEV/2024E TEV/2025P
6/30/24 Value Revenue EBTIDA Margin Revenue EBITDA Margin Revenue EBITDA Revenue EBITDA

Security Services
Securitas 9.93 9,697 15,372 1,374 9% 15,932 1,465 9% 0.63x 7.06x 0.61x 6.62x

The Brink's Company 102.40 7,391 5,139 962 19% 5,392 1,045 19% 1.44x 7.68x 1.37x 7.07x

Prosegur 1.83 2,788 4,816 553 11% 5,036 600 12% 0.58x 5.04x 0.55x 4.64x

Loomis 26.04 2,276 2,863 590 21% 2,965 611 21% 0.79x 3.85x 0.77x 3.73x

Average $35.05 $5,538 $7,047 $870 15% $7,331 $930 15% 0.86x 5.91x 0.83x 5.52x

Security Solutions
Honeywell International 213.54 154,001 38,779 10,328 27% 41,190 11,113 27% 3.97x 14.91x 3.74x 13.86x

Johnson Controls 66.47 57,198 28,042 4,459 16% 29,342 4,498 15% 2.04x 12.83x 1.95x 12.72x

Motorola Solutions 386.05 69,768 10,688 3,319 31% 11,319 3,569 32% 6.53x 21.02x 6.16x 19.55x

ADT 7.60 14,757 4,882 2,558 52% 5,151 2,707 53% 3.02x 5.77x 2.86x 5.45x

Allegion 118.15 12,104 3,740 906 24% 3,892 955 25% 3.24x 13.36x 3.11x 12.68x

Alarm.com Holdings 63.54 3,006 924 165 18% 974 181 19% 3.25x 18.19x 3.09x 16.59x

Napco Security Technologies 51.95 1,834 200 64 32% 227 83 36% 9.18x 28.68x 8.09x 22.22x
Average $129.61 $44,667 $12,465 $3,114 29% $13,157 $3,301 29% 4.46x 16.39x 4.14x 14.72x

Sources: S&P Capital IQ

$USD, Millions besides Stock Price

The McLean Group

Premier middle market investment bank 13
Q2 M&A REPORT PUBLICLY TRADED COMPANIES CONTD. Q2 2024

PHYSICAL & CYBER SECURITY

Stock Price Enterprise CY2024E 2025P TEV/2024E TEV/2025P
6/30/24 Value Revenue EBTIDA Margin Revenue EBITDA Margin Revenue EBITDA Revenue EBITDA

Cyber Security
Palo Alto Networks 339.01 108,413 8,468 2,525 30% 9,776 2,957 30% 12.80x 42.94x 11.09x 36.67x

CrowdStrike 383.19 90,377 4,001 1,058 26% 5,060 1,395 28% 22.59x NA 17.86x NA

Fortinet 60.27 44,102 5,800 1,722 30% 6,560 1,968 30% 7.60x 25.61x 6.72x 22.41x

Zscaler 192.19 28,052 2,361 549 23% 2,892 696 24% 11.88x 51.07x 9.70x 40.32x

Cloudflare 82.83 27,866 1,654 300 18% 2,104 403 19% 16.84x NA 13.24x NA

Check Point 165.00 15,628 2,560 1,146 45% 2,699 1,217 45% 6.10x 13.64x 5.79x 12.84x

Okta 93.61 14,691 2,542 521 20% 2,847 599 21% 5.78x 28.21x 5.16x 24.54x

Average $188.01 $47,018 $3,912 $1,117 28% $4,563 $1,319 28% 11.94x 32.29x 9.94x 27.36x

Low $1.83 $1,834 $200 $64 9% $227 $83 9% 0.58x 3.85x 0.55x 3.73x

Mean $131.31 $36,886 $7,935 $1,839 25% $8,520 $2,003 26% 6.57x 18.74x 5.66x 16.37x

Median $88.22 $15,192 $4,408 $1,010 24% $5,048 $1,131 24% 4.87x 14.28x 4.45x 13.35x

High $386.05 $154,001 $38,779 $10,328 52% $41,190 $11,113 53% 22.59x 51.07x 17.86x 40.32x

Sources: S&P Capital IQ

$USD, Millions besides Stock Price

The McLean Group

Premier middle market investment bank 14
Q2 M&A REPORT RECENT M&A ACTIVITY Q2 2024

Closed EV EV /
Acquirer(s) Target(s) Target Description
Date ($M) Rev. EBITDA
Low voltage special system contractor that provides
4/1/2024 Chenega E&M International NA NA NA
design, installation, and servicing of fire systems
Operates a threat and breach detection
4/10/2024 Wiz Gem Security $350.00 NA NA
management platform for cloud security
Designs zero trust isolation platforms to contain,
4/12/2024 Zscaler Airgap Networks $124.40 NA NA
profile, and stop lateral threat movement
Offers a platform for security awareness training,
4/24/20241 Egress KnowBe4 NA NA NA
and simulated phishing with analytics and reporting
Provides fraud prevention, digital identity, device
5/2/2024 Accel-KKR Accertify NA NA NA
intelligence, and online payment gateway solutions
Offers services such as application inventory,
5/8/2024 Mainline Information Systems EITS NA NA NA
configuration and security, and cloud security
Provides remotely-managed data and network
5/21/2024 Lumifi Netsurion NA NA NA
security services for multi-location businesses
Develops secure blockchain transaction and
5/30/2024 Cloudflare BastionZero NA NA NA
payment infrastructure
Global Access Solutions business of Provides access and security solutions, electronic
6/3/2024 Honeywell International $4,950.00 NA NA
Carrier locking systems, and contactless key solutions
Provides cyber and information technology security
6/4/2024* Tyto Athene Mindpoint NA NA NA
consulting services
Develops and operates a data-driven cloud-native
6/10/2024* Fortinet Lacework NA NA NA
application protection platform (CNAPP)
Open data protection platform that assesses and
6/11/2024 Formstack Open Raven NA NA NA
manages data risk for enterprises
Enables scalable, privacy-safe measurement and
6/16/2024 Mozilla Anonym NA NA NA
optimization of advertiser campaigns
Develops and operates security solutions for
6/25/2024 Akamai Technologies Noname Gate $450.00 NA NA
protecting application programming interfaces

Source(s): S&P CapIQ

1. Announcement date; completed 7/2/2024
* Announcement Date
The McLean Group
Premier middle market investment bank 15
Q2 M&A REPORT CRITICAL INFRASTRUCTURE Q2 2024

─ Following another year of the Russia-Ukraine war, a new TRANSACTIONS BY MONTH

assessment of damage and needs – produced by the Ukrainian Q3 2023 Q4 2023 Q1 2024 Q2 2024
43 51 72 33
government, World Bank, and UN – has estimated Ukraine's
26 27
water supply and sanitation sector will require $11.1 billion to
fully recover over the next decade. Financial support coupled 21
19 19
with external partnerships should provide sufficient support to 15 15
13 12
assess the needs of the utilities sector. The partnerships will allow 11 10 11
for support in the form of purchasing critical equipment and
professional training to begin the rebuild process.

─ The American Water Works Association (AWWA) and Association

24
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3

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of State Drinking Water Agencies (ASDWA) filed a joint petition

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for review of the EPA’s recent proposals regarding PFAS
regulation. Together the AWWA and ASDWA are looking to bump EBITDA VALUATION MULTIPLES1
the EPA’s 4ppt limits for PFOA and PFOS up to 10ppt, and also
calling for further assessment of the “novel” hazard index 18.6x
17.1x 17.4x
16.7x
calculations used to regulate other PFAS. 15.8x
14.5x 13.9x 14.8x
Select Q2 Transactions 13.0x 13.1x 13.4x
12.2x

acquired by acquired by2* acquired by acquired by*

Water Utilities System Solutions Components Infrastructure

LTM 2024E 2025P

Source(s): Global Water Intelligence

1. For composition of indices, see page 24
2. Acquired commercial and industrial business
The McLean Group * Announced not closed
Premier middle market investment bank 16
Q2 M&A REPORT PUBLICLY TRADED COMPANIES Q2 2024

CRITICAL INFRASTRUCTURE
Stock Price Enterprise CY2024E 2025P TEV/2024E TEV/2025P
6/30/24 Value Revenue EBTIDA Margin Revenue EBITDA Margin Revenue EBITDA Revenue EBITDA

Water Utilities
American Water Works 129.16 37,711 4,460 2,465 55% 4,735 2,712 57% 8.46x 15.30x 7.96x 13.91x

Essential Utilities 37.33 17,230 2,100 1,169 56% 2,412 1,323 55% 8.20x 14.74x 7.14x 13.03x

California Water Service 48.49 4,094 1,002 371 37% 961 333 35% 4.09x 11.03x 4.26x 12.30x

American States Water 72.57 3,606 599 233 39% 609 251 41% 6.02x 15.50x 5.93x 14.35x

SJW 54.22 3,513 704 288 41% 734 336 46% 4.99x 12.21x 4.79x 10.47x

Consolidated Water 26.54 382 144 29 20% 165 32 0.19x 2.64x 13.20x 2.31x 11.92x

Global Water Resources 12.10 399 52 26 50% 57 26 46% 7.69x 15.51x 6.99x 15.27x
Average $54.34 9,562 1,294 654 42% 1,382 716 43% 6.01x 13.93x 5.63x 13.04x

System Solutions
Danaher 249.85 197,298 23,881 7,682 32% 25,984 8,572 33% 8.26x 25.68x 7.59x 23.02x

Dover 180.45 27,812 8,620 1,851 21% 8,960 1,975 22% 3.23x 15.02x 3.10x 14.08x

Xylem 135.63 34,318 8,561 1,741 20% 9,032 1,908 21% 4.01x 19.72x 3.80x 17.99x

IDEX 201.20 15,954 3,332 928 28% 3,506 1,007 29% 4.79x 17.19x 4.55x 15.84x

Pentair 76.67 14,826 4,204 1,003 24% 4,403 1,098 25% 3.53x 14.78x 3.37x 13.50x

A. O. Smith 81.78 11,838 3,992 872 22% 4,157 917 22% 2.97x 13.57x 2.85x 12.91x

Watts Water Technologies 183.37 6,163 2,268 451 20% 2,333 469 20% 2.72x 13.66x 2.64x 13.13x
Average $158.42 44,030 7,837 2,076 24% 8,339 2,278 25% 4.21x 17.09x 3.99x 15.78x

Sources: S&P Capital IQ

$USD, Millions besides Stock Price

The McLean Group

Premier middle market investment bank 17
Q2 M&A REPORT PUBLICLY TRADED COMPANIES CONTD. Q2 2024

CRITICAL INFRASTRUCTURE
Stock Price Enterprise CY2024E 2025P TEV/2024E TEV/2025P
6/30/24 Value Revenue EBTIDA Margin Revenue EBITDA Margin Revenue EBITDA Revenue EBITDA

Components
Graco 79.28 12,833 2,211 724 33% 2,320 773 33% 5.80x 17.73x 5.53x 16.59x

Flowserve 48.10 7,238 4,577 605 13% 4,778 666 14% 1.58x 11.96x 1.51x 10.86x

Franklin Electric 96.32 4,548 2,106 326 15% 2,211 343 15% 2.16x 13.94x 2.06x 13.28x

Mueller Water Products 17.92 3,089 1,293 262 20% 1,332 274 21% 2.39x 11.78x 2.32x 11.28x

The Gorman-Rupp 36.71 1,334 690 121 17% 720 125 17% 1.93x 11.06x 1.85x 10.70x

Energy Recovery 13.29 645 146 19 13% 175 41 23% 4.43x 33.54x 3.68x 15.76x
Average $48.60 4,948 1,837 343 19% 1,923 370 21% 3.05x 16.67x 2.83x 13.08x

Infrastructure
AECOM 88.14 13,836 16,130 1,113 7% 16,700 1,194 7% 0.86x 12.43x 0.83x 11.59x

Tetra Tech 204.48 11,890 4,541 590 13% 4,670 655 14% 2.62x 20.16x 2.55x 18.14x

Clean Harbors 226.15 14,884 5,887 1,125 19% 6,293 1,239 20% 2.53x 13.23x 2.37x 12.02x

EMCOR Group 365.08 16,669 14,358 1,150 8% 15,463 1,231 8% 1.16x 14.50x 1.08x 13.55x

Arcosa 83.41 4,520 2,655 428 16% 2,877 475 17% 1.70x 10.57x 1.57x 9.51x

Primoris Services 49.89 3,836 5,963 395 7% 6,415 443 7% 0.64x 9.70x 0.60x 8.66x
Average $169.53 10,939 8,256 800 12% 8,736 873 12% 1.59x 13.43x 1.50x 12.24x

Low $12.10 $382 $52 $19 7% $57 $26 7% 0.64x 9.70x 0.60x 8.66x
Mean $107.62 $18,095 $4,788 $999 25% $5,077 $1,093 26% 3.82x 15.30x 3.59x 13.60x

Median $80.53 $9,538 $2,993 $597 20% $3,192 $661 22% 3.10x 14.22x 2.98x 13.21x

High $365.08 $197,298 $23,881 $7,682 56% $25,984 $8,572 57% 8.46x 33.54x 7.96x 23.02x
Sources: S&P Capital IQ
$USD, Millions besides Stock Price

The McLean Group

Premier middle market investment bank 18
Q2 M&A REPORT RECENT M&A ACTIVITY Q2 2024

Closed EV EV /
Acquirer(s) Target(s) Target Description
Date ($M) Rev. EBITDA
Provides sustainable water, wastewater, and
4/1/2024 SouthWest Water Corix Infrastructure NA NA NA
energy utility infrastructure solutions
Generates and supplies natural gas,
4/4/2024 RheinEnergie Rhenag NA NA NA
electricity, heat, and water
Provides architectural, planning, and
4/10/2024 Verdantas CT Consultants NA NA NA
engineering services
Environmental consulting including water
4/12/2024 True Environmental Triton Environmental NA NA NA
quality assessments and remediation

5/3/2024 Water Engineering JTA Solutions Provides water treatment services NA NA NA

Commercial and industrial business of

5/6/2024* Grundfos Culligan NA NA NA
Culligan
Provides construction services including
5/22/2024 Nabholz Corporation Brothers Construction NA NA NA
water line installation and excavation
Leading provider of transportation and water
6/3/2024 New Mountain Capital Consor NA NA NA
infrastructure engineering

6/3/2024 Deep Blue Midland Basin Lagoon Operating – Midland Offers oilfield water management services NA NA NA

Engages in pump rentals and WellPoint

6/4/2024 Holland Pump C&R Distribution NA NA NA
equipment
Offers industrial waste management
6/17/2024* Seche Enviornment ECO Industrial $447.70 6.3x 14.8x
services

6/21/2024* Ovivo Enersave1 Specializes in fluid mixing systems NA NA NA

Provides water treatment systems across the

6/28/2024 GWTT Carbonworks USA NA NA NA
Mid-Atlantic and Southeast

Sources: S&P Capital IQ, DACIS, press releases

1. Acquired LM Mixer technology
* Announcement date
The McLean Group
Premier middle market investment bank 19
Q2 M&A REPORT MARITIME TRANSPORT & FACILITIES Q2 2024

─ The second quarter of 2024 continued to see conflict in the Red TRANSACTIONS BY MONTH
Sea, which has required ships to divert around previously reliable Q1 2024 Q2 2024
Q3 2023 Q4 2023
paths to avoid attack, thus increasing ships’ travel distance and 21 15 26 15

time to delivery while increasing freight rates and lowering

15
shipment reliability. With no resolution, ship routing is forecasted
to return to normal in early 2025. 10
8
7 7 7
─ The labor agreement for the US East and Gulf Coast ports expires 5
4 4 4 4
early this fall. Meanwhile, there has been no new agreement 2
established. US East and Gulf Coast ports handle more than 50%
of US container trade. Unsuccessful negotiations could increase

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domestic port congestion meaningfully.

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─ Increased import tariffs set by the US & EU on Chinese products
EBITDA VALUATION MULTIPLES1
could hinder future development in the refrigerator container
market as China looks to strike back by implementing tariffs on
12.4x
imports such as pork from the EU. Further, depending on the
2024 US presidential election results, increased tariffs on Chinese
9.2x
imports could shift production from China to the US and Mexico. 8.2x
7.6x 7.2x
7.0x 7.0x
Select Q2 Transactions 6.0x
5.3x 5.3x 5.1x 5.2x

acquired by acquired by acquired by* acquired by*

Diversified Maritime Shipyard and Port Bulk S hipping Petroleum Shipping
Logistics Services & Transportation

LTM 2024E 2025P

Sources: S&P Capital IQ, BIMCO
For composition of indices, see page 24
* Announced, not closed
The McLean Group
Premier middle market investment bank 20
Q2 M&A REPORT PUBLICLY TRADED COMPANIES Q2 2024

MARITIME TRANSPORT & FACILITIES

Stock Price Enterprise CY2024E 2025P TEV/2024E TEV/2025P
6/30/24 Value Revenue EBTIDA Margin Revenue EBITDA Margin Revenue EBITDA Revenue EBITDA

Diversified Maritime Logistics

Algoma Central Corporation 10.38 718 557 154 28% 578 158 27% 1.29x 4.68x 1.24x 4.54x

Matson 130.97 5,149 3,184 579 NA 3,308 529 NA 1.62x 8.89x 1.56x 9.73x

Kirby Corporation 119.73 8,136 3,293 680 21% 3,507 776 22% 2.47x 11.97x 2.32x 10.48x

ArcBest Corporation 107.08 2,686 4,349 407 9% 4,660 502 11% 0.62x 6.61x 0.58x 5.35x

Diana Shipping 2.86 790 265 136 51% 282 158 56% 2.98x 5.81x 2.80x 4.99x
Average $74.20 3,496 2,330 391 27% 2,467 425 29% 1.79x 7.59x 1.70x 7.02x

Shipyard & Port Services

International Container 5.99 15,441 2,627 1,682 64% 2,817 1,794 64% 5.88x 9.18x 5.48x 8.61x

Great Lakes Dredge & Dock 8.78 1,033 749 132 18% 803 145 18% 1.38x 7.84x 1.29x 7.11x

Tidewater 95.21 5,464 1,416 640 45% 1,639 799 49% 3.86x 8.54x 3.33x 6.84x

Orion Group 9.51 423 786 49 6% 857 57 7% 0.54x 8.70x 0.49x 7.36x

DEME Group 173.79 4,990 3,977 731 18% 4,293 803 19% 1.25x 6.82x 1.16x 6.22x

Average $58.66 5,470 1,911 647 30% 2,081 720 31% 2.58x 8.22x 2.35x 7.23x

Dry Bulk Shipping

Costamare 16.43 3,753 1,148 654 57% 966 623 65% 3.27x 5.74x 3.89x 6.02x

Star Bulk Carriers 24.38 3,748 1,063 652 61% 1,156 756 65% 3.53x 5.75x 3.24x 4.96x

Golden Ocean Group Limited 13.80 4,074 799 564 71% 796 595 75% 5.10x 7.22x 5.12x 6.84x

Danaos Corporation 92.36 1,819 980 742 76% 874 629 72% 1.86x 2.45x 2.08x 2.89x

Global Ship Lease 28.79 1,564 695 484 70% 656 443 67% 2.25x 3.23x 2.38x 3.53x
Sources: S&P Capital IQ
$USD, Millions besides Stock Price

The McLean Group

Premier middle market investment bank 21
Q2 M&A REPORT PUBLICLY TRADED COMPANIES CONTD. Q2 2024

MARITIME TRANSPORT & FACILITIES

Stock Price Enterprise CY2024E 2025P TEV/2024E TEV/2025P
6/30/24 Value Revenue EBTIDA Margin Revenue EBITDA Margin Revenue EBITDA Revenue EBITDA

Dry Bulk Shipping

Safe Bulkers 5.82 1,068 285 185 65% 323 173 53% 3.75x 5.77x 3.30x 6.19x

Pangaea Logistics Solutions 7.83 576 491 94 19% 558 105 19% 1.17x 6.10x 1.03x 5.49x

Genco Shipping & Trading 21.31 1,028 315 168 53% 301 163 54% 3.27x 6.12x 3.42x 6.33x
Average $26.34 2,204 722 443 59% 704 436 59% 3.02x 5.30x 3.06x 5.28x

Petroleum Products Transportation

Scorpio Tankers 81.29 5,179 1,375 968 70% 1,263 859 68% 3.77x 5.35x 4.10x 6.03x

International Seaways 59.13 3,392 1,059 721 68% 1,011 691 68% 3.20x 4.71x 3.36x 4.91x

Teekay Tankers 68.81 2,053 818 550 67% 789 499 63% 2.51x 3.73x 2.60x 4.11x

DHT Holdings 11.57 2,196 457 364 80% 507 414 82% 4.80x 6.04x 4.33x 5.31x

Nordic American Tankers 3.98 1,079 270 183 68% 308 216 70% 3.99x 5.91x 3.50x 5.00x

Ardmore Shipping 22.53 1,001 296 198 67% 248 166 67% 3.38x 5.06x 4.04x 6.03x

Average $41.22 2,483 712 497 70% 688 474 70% 3.61x 5.13x 3.65x 5.23x

Low $2.86 $423 $265 $49 6% $248 $57 7% 0.54x 2.45x 0.49x 2.89x

Mean $46.76 $3,223 $1,302 $488 50% $1,354 $502 50% 2.82x 6.34x 2.78x 6.04x

Median $21.92 $2,125 $808 $517 61% $830 $500 63% 3.09x 5.97x 3.02x 6.03x

High $173.79 $15,441 $4,349 $1,682 80% $4,660 $1,794 82% 5.88x 11.97x 5.48x 10.48x

Sources: S&P Capital IQ

$USD, Millions besides Stock Price

The McLean Group

Premier middle market investment bank 22
Q2 M&A REPORT RECENT M&A ACTIVITY Q2 2024

Closed EV EV /
Acquirer(s) Target(s) Target Description
Date ($M) Rev. EBITDA
International transport network of Comprises a road transport network that
4/9/2024* DFDS $276.50 NA NA
Ekol Logistics connects Turkey and Europe
Engages in the ocean transportation of dry
4/9/2024 Star Bulk Carriers Eagle Bulk Shipping $987.40 2.24x 9.70x
bulk cargoes worldwide
Hyde Marine UV business of Comprises systems using UV technology for
4/16/2024 Optimarin NA NA NA
Industrie De Nora ballast water treatment and disinfection
Develops, builds, and manages marinas for
4/20/2024 Suntex Marina Investors Almar Management NA NA NA
recreational boats
Provides subsea services for inspection,
4/22/2024 PXGEO Seismic Services Modus Subsea Services NA NA NA
repair, and construction projects
Operates as a tonnage supplier in Asia,
4/24/2024* SAS Shipping Agencies Services Gram Car Carriers $951.70 4.43x 6.11x
Europe, and internationally
An electric boat rental company located in
4/25/2024 EB Strategies EB Rental $1.00 NA NA
Newport Beach, California
Provides shipping services in ports based in
5/7/2024 Dan Shipping And Chartering Arthur Smith (Grimsby) NA NA NA
the United Kingdom
Provides ship brokerage services for vessels
6/3/2024 Freight Investor Services GR8 Chartering Hellas NA NA NA
for dry cargo chartering
Offers logistics services for ships and
6/3/2024 Inchcape Shipping Services Grieg Logistics NA NA NA
maritime businesses in Norway
Provides marine environment pollution
6/4/2024 Boluda France Les Abeilles NA NA NA
protection and prevention services
Cantabric Car Services, S.A.U/Ro Ro
6/7/2024 Flota Suardiaz Provides marine transportation services NA NA NA
Maritime Services
A diversified marine services company based
6/14/2024 Western Group Holdings Tidal Transport & Trading NA NA NA
in Port Moody, Vancouver, British Columbia

Sources: S&P Capital IQ, DACIS,

press releases
* Announced date
The McLean Group
Premier middle market investment bank 23
Q2 M&A REPORT INDEX COMPOSITION Q2 2024

Defense, Government & Intelligence Physical & Cyber Security Critical Infrastructure Maritime Transport & Facilities
Defense Primes Security Services Water Utilities Diversified Maritime Logistics
Raytheon RTX Securitas AB SECU B American Water Works AWK Algoma Central ALC
Lockheed Martin LMT The Brink’s Company BCO Essential Utilities WTRG Matson MATX
Northrop Grumman NOC Prosegur PSG California Water Service CWT Kirby KEX
General Dynamics GD Loomis AB LOOMIS American States Water AWR ArcBest ARCB
L3Harris Technologies LHX Security Solutions SJW Group SJW Diana Shipping DSX
BAE BA. Honeywell International HON Consolidated Water CWCO Shipyard & Port Services
Government Contractors Johnson Controls International JCI Global Water Resources GWRS International Container Serv. ICT
Leidos LDOS Motorola Solutions MSI System Solutions Great Lakes Dredge & Dock GLDD
Booz Allen Hamilton BAH ADT ADT Danaher DHR Tidewater TDW
CACI International CACI Allegion ALLE Dover DOV Orion Group ORN
SAIC SAIC Alarm.com Holdings ALRM Xylem XYL DEME Group NV DEME
Parsons PSN Napco Security Technologies NSSC IDEX IEX Dry Bulk Shipping
V2X VVX Cyber Security Pentair PNR Costamare CMRE
Defense Systems Palo Alto Networks PANW A. O. Smith AOS Star Bulk Carriers SBLK
HEICO HEI CrowdStrike CRWD Watts Water Technologies WTS Golden Ocean Group GOGL
Teledyne Technologies TDY Fortinet FTNT Components Danaos DAC
Elbit Systems ESLT Zscaler ZS Graco GGG Global Ship Lease GSL
Mercury Systems MRCY Cloudfare NET Flowserve FLS Safe Bulkers SB
Kratos Defense & Security KTOS Check Point CHKP Franklin Electric FELE Eagle Bulk Shipping EGLE
Okta OKTA Badger Meter BMI Genco Shipping & Trading GNK
SPX FLOW FLOW Petroleum Products Transportation
Mueller Water Products MWA Scorpio Tankers STNG
The Gorman-Rupp GRC International Seaways INSW
Energy Recovery ERII Teekay Tankers TNK
Infrastructure DHT Holdings DHT
AECOM ACM Nordic American Tankers NAT
Tetra Tech TTEK Ardmore Shipping ASC
Clean Harbors CLH
EMCOR Group EME
Arcosa ACA
Primoris Services PRIM

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Premier middle market investment bank 24
 8260 Greensboro Dr.
Q2 M&A REPORT Suite 350 (703) 827-0200 Q2 2024
www.mcleanllc.com
McLean, VA 22102

Mergers & Acquisitions Business Valuation DLS Marine

Mark Bertler Josh Butler Ryan Berry Tyler Halstead Norman Dufour
Chicago, IL McLean, VA McLean, VA McLean, VA New Orleans, LA
Water & Wastewater Defense & Gov’t Services Valuation Advisory Valuation Advisory DLS Marine
(847) 226-0793 (703) 827-0008 (703) 827-0091 (703) 752-9013 (504) 835-8505
mbertler@mcleanllc.com jbutler@mcleanllc.com rberry@mcleanllc.com thalstead@mcleanllc.com ndufour@dlsmarine.com

Paul Klick Mitch Martin Michael Loftus Shari Overstreet Harry Ward
McLean, VA McLean, VA McLean, VA Austin, TX New Orleans, LA
Technology Defense & Gov’t Services Valuation Advisory Valuation Advisory DLS Marine
(703) 752-9019 (703) 752-9009 (703) 827-0200 (512) 687-3485 (504) 835-8505
pklick@mcleanllc.com mmartin@mcleanllc.com mloftus@mcleanllc.com soverstreet@mcleanllc.com hward@dlsmarine.com

Andy Smith Scott Sievers

McLean, VA McLean, VA
Defense & Gov’t Services Valuation Advisory
(703) 827-0233 (703) 827-8685
asmith@mcleanllc.com ssievers@mcleanllc.com

Securities Disclaimer
The information provided in this newsletter is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy
any of the securities mentioned herein. Past performance does not guarantee future results. None of the information or analyses presented are intended
to form the basis for any investment decision, and no specific recommendations are intended. Any performance mentioned does not include transaction
fees and costs, which would reduce an investor's return. An investment cannot be made directly in these custom market indices.

The logos and company names used in this report are for illustration purposes only, and the report is not associated with or supported by the owners of
the trademarks.

© 2024 The McLean Group. All rights reserved. Securities transactions are conducted through McLean Securities, LLC, a member of FINRA/SIPC.

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